Ascendas REIT Commences Legal Proceedings Against 2 Contractors

Ascendas REIT has commenced court proceedings and arbitration proceedings against two contractors, A@risco Services and Concorde Security to seek adjudication on the total amounts payable by A-REIT for services purportedly rendered by them to A-REIT.

Currently, the amounts in dispute with A@risco and Concorde are around $3.6 million and $1.8 million, respectively.

As part of the legal proceedings, Ascendas REIT is also seeking damages from A@risco of approximately $0.5 million for certain works done by A@risco.

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